What Stocks the Best Norway Equity Managers Are Investing In

Key Takeaways

• Top-rated Norway equity managers are consistently underweight the index’s largest constituents, including Equinor, Norsk Hydro, and Aker BP.
• Capital is directed toward smaller companies such as Elopak, Europris, and Austevoll Seafood, many with index weights below 1%.
• Elopak stands out as the most extreme overweight, at 319% above its index weight, while Norsk Hydro is the greatest underweight at 59% below.

Investors looking to understand how the highest-rated active managers are positioning their portfolios can learn a lot from how overweight or underweight their holdings are relative to the Morningstar Norway Index.

In this analysis, we aggregate the holdings of every Norway equity fund with a positive

and compare each stock’s aggregate fund weight to its index weight. The result is a map of where Norway’s best-rated managers are making their largest active bets, and where they are stepping back.

The 15 Norway equity funds with a positive Medalist Rating share a clear pattern: They hold less than the benchmark in the largest names on Oslo Børs and allocate more to companies further down the market cap spectrum. The five largest underweights, Aker BP, Equinor, Gjensidige, Norsk Hydro, and Telenor, together account for 29.9% of the Morningstar Norway Index. The Medalist funds hold them at a combined 16.2%. In the case of Telenor and Equinor, that positioning is consistent with Morningstar’s valuation view, with both stocks trading above their respective fair value estimates. Meanwhile, many of the companies where the funds hold outsized positions are smaller businesses with a smaller index representation. The result is a consistent deviation from the benchmark.

In the

, 15 of 57 funds carry a positive Morningstar Medalist Rating. Of those, 14 had updated portfolio data as of April and are included in this review. SpareBank 1 Norge Verdi, Heimdal Utbytte, KLP AksjeNorge Aktiv, and Storebrand Norge Institusjon each carry Gold ratings. Storebrand Aksje Innland, Alfred Berg Humanfond, Alfred Berg Norge, Alfred Berg Norge Restricted, Norne Aksje Norge, and Sbanken Framgang Sammen each carry a Silver rating, while the four Bronze-rated funds are Fondsfinans Utbytte, Alfred Berg Gambak, Alfred Berg Aktiv, and Pareto Aksje Norge.

The Most Overweight Stock Positions of Top Fund Managers

The most pronounced relative positions are in stocks that barely register in the country index: names where even a modest absolute allocation translates into a large relative overweight.

Elopak ELO

• Sector: Consumer Cyclical
• Index weight: 0.21%
• Relative weight: +319%

Elopak manufactures paper-based packaging solutions for liquid food, with operations spanning Europe, the Middle East, Africa, Asia, and the Americas. The Oslo-based company’s Pure-Pak cartons serve the chilled and aseptic segments, and it also supplies filling equipment. With a market capitalization of roughly NOK 9.7 billion, Elopak has only a marginal presence in the index, yet the Medalist-rated funds hold it at roughly four times its benchmark weight. No other stock in the analysis sits further from its index weight on a relative basis.

Austevoll Seafood AUSS

• Sector: Consumer Defensive
• Index weight: 0.36%
• Relative weight: +236%

Austevoll Seafood is a vertically integrated fishing and seafood group. The company operates across three main areas: Pelagic fishing and fishmeal/fish oil production, Atlantic salmon farming (through its majority stake in Lerøy Seafood Group), and global fishmeal and fish oil operations in South America. It has a market capitalization of roughly NOK 17.1 billion and a forward dividend yield of approximately 7.7%. Austevoll is part of a broader seafood tilt visible across the Medalist universe: Together with Mowi and SalMar, Norwegian aquaculture and fishing stocks account for more than 10% of the funds’ aggregate allocation.

Europris EPR

• Sector: Consumer Defensive
• Index weight: 0.67%
• Relative weight: +196%

Europris is Norway’s largest discount variety retailer, operating a nationwide network of stores offering a broad assortment of home, garden, leisure, and everyday goods. The company also owns the ÖoB chain in Sweden. Europris has a market capitalisation of roughly NOK 14.6 billion and carries a forward dividend yield of approximately 4.2%. The stock offers a domestic consumer exposure with limited commodity or currency sensitivity, a profile that contrasts with the large-cap energy and materials names the funds are underweighting.

Wallenius Wilhelmsen WAWI

• Sector: Industrials
• Index weight: 0.56%
• Relative weight: +158%

Wallenius Wilhelmsen is a global shipping and logistics company specializing in the transport of vehicles, heavy equipment, and breakbulk cargo. The company operates one of the world’s largest roll-on/roll-off fleets, serving manufacturers across the automotive, aerospace, mining, and energy industries. It has a market capitalization of roughly NOK 56.4 billion and a forward dividend yield of about 9.8%, one of the highest among the top 35 holdings of Medalist-rated funds surveyed. The funds hold more than two and a half times the benchmark allocation.

Atea ATEA

• Sector: Technology
• Index weight: 0.60%
• Relative weight: +92%

Atea is the leading IT infrastructure and services company in the Nordics and Baltics, providing hardware, software, consulting, and managed services to enterprise and public-sector clients across Norway, Sweden, Denmark, Finland, and the Baltic states. With a market capitalization of roughly NOK 18.2 billion and a forward dividend yield of approximately 4.6%, Atea offers exposure to the region’s ongoing digitalisation spend. At 0.60% of the index, the stock has a small benchmark presence, yet the Medalist-rated funds hold nearly twice that allocation.

The Most Underweight Stocks Held By Top Fund Managers

The overweights share a common profile: small- and mid-cap companies with index weights below 1%. On the other side, the largest index constituents are all meaningfully underweight across the Medalist universe.

Norsk Hydro NHY

• Sector: Basic Materials
• Index weight: 6.65%
• Relative weight: -59%

Norsk Hydro is a global aluminium and renewable energy company with a market capitalization of roughly NOK 203 billion and operations spanning the full value chain, from bauxite mining and alumina refining to primary metal production, extrusion, and recycling. Extrusions is its largest segment by revenue. Despite being among the largest stocks in the country benchmark at 6.65%, the Medalist-rated funds allocate just 2.76%, the steepest underweight in the selection.

Aker BP AKRBP

• Sector: Energy
• Index weight: 4.68%
• Relative weight: -49%

Aker BP is one of Europe’s largest independent oil and gas exploration and production companies, focused exclusively on the Norwegian Continental Shelf. Its key assets include the Alvheim, Ivar Aasen, Skarv, Edvard Grieg, Ula, and Valhall field hubs, and it is a partner in the Johan Sverdrup field. The company is jointly owned by Aker ASA, BP, and Nemesia, with the remaining shares held by public shareholders. It has a market capitalization of roughly NOK 203 billion and a forward dividend yield of about 7.8%. The Medalist-rated funds allocate 2.40% versus the index’s 4.68%.

Telenor TEL

• Sector: Communication Services
• Index weight: 4.31%
• Relative weight: -45%
• Fair Value Estimate: NOK 142
• Morningstar Rating: ★★★
• Economic Moat: Narrow

Telenor is Norway’s largest telecom operator, majority-owned by the Norwegian government, with a market capitalization of roughly NOK 205 billion and operations across the Nordics and several Asian markets including Bangladesh and Malaysia. Morningstar assigns a Narrow Moat rating supported by efficient scale, with a fair value estimate of NOK 142 per share. The stock carries a 3-star rating and trades at approximately 1.07 times fair value. Despite its defensive profile and dividend appeal, the Medalist-rated funds allocate just 2.38% versus a 4.31% index weight.

Gjensidige Forsikring GJF

• Sector: Financial Services
• Index weight: 2.21%
• Relative weight: -44%

Gjensidige Forsikring is one of the leading general insurance companies in the Nordics, with a dominant position in the Norwegian non-life market and operations extending into Denmark, Sweden, and the Baltics. The company’s product range spans motor, property, health, and liability insurance across both private and commercial segments. With a market capitalization of roughly NOK 132 billion and a forward dividend yield of approximately 3.8%, Gjensidige is another large-cap name where the Medalist-rated funds hold meaningfully less than the benchmark, allocating 1.23% versus a 2.21% index weight.

Equinor EQNR

• Sector: Energy
• Index weight: 12.05%
• Relative weight: -39%
• Fair Value Estimate
  : NOK 311
• Morningstar Rating
  : ★★★
• Morningstar Economic Moat Rating
  : None

Equinor is Norway’s integrated oil and gas major, majority-owned by the Norwegian government, and the single largest constituent in the Morningstar Norway Index at 12.05%. The company has a market capitalization of about NOK 811 billion and operates primarily on the Norwegian Continental Shelf, producing about 2.1 million barrels of oil equivalent per day, with growing international operations in Brazil and the Gulf of Mexico. Morningstar assigns no economic moat, noting that after-tax returns have historically fallen short of those of higher-quality peers. The stock carries a 3-star rating and trades at approximately 1.12 times fair value. At 7.40% versus a 12.05% index weight, the Medalist-rated funds hold roughly 61% of the benchmark allocation.

How Do We Determine Which Stocks the Best Managers Are Under- or Overweight?

To identify the stocks top managers are under- and overweight, we aggregated holdings across the 14 Medalist-rated strategies with portfolio data as of April and calculated the percentage difference between each stock’s aggregate fund weight and its index weight. Holdings data spans April to May 2026, with portfolio dates varying by fund house according to reporting frequency. The analysis covers the 35 largest holdings by aggregate fund weight, representing about 84% of total net assets across the Medalist universe.

We compared the holdings against the Morningstar Norway Index, a free-float market-capitalization-weighted index of 64 Norwegian equities representing the investable Norwegian market.